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Buy USD within the zone 138.75-138.22

Buy USD within the zone 138.75-138.22 | 28 July 2023

28 July 2023, USD/JPY

Buy USD within the zone 138.75-138.22

Technical observation

On the chart above, USD is trading within the supportive zone 138.75-138.22 with an increasing bearish bias, this is a third retracement to this zone and I anticipate a bounce within it followed by a rally to the upper side. My advice pick bullish positions now within the zone I mentioned earlier with your take profit at 151.97 and stop-loss at 135.23, in case of a break above the level 151.97, continue long with this pair after a pullback to the broken line, however, I expect the value of this pair to plunge towards the supportive levels 126.78, 112.70 and 102.50 in case of a clear penetration below the zone 138.75-138.22.

Trade recommendation

Buy USD within the zone 138.75-138.22 with your take profit at 151.97.

Imelda Maseno
Analyst of «FreshForex» company
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